Bitcoin Price Technical Analysis for 24/02/2016 – Retreating to Former Resistance

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Bitcoin Price Key Highlights

  • Bitcoin cost had formerly damaged above a long-term exquisite triangle to prove that it had selected a upside direction.
  • However, cost is anticipating problem nutritious a stand so a pullback competence be necessary.
  • Using a Fib apparatus on a latest convene on a 4-hour time support shows that a retracement levels line adult with a damaged triangle resistance.

Bitcoin cost competence be means to resume a uptrend once it finds some-more support during a Fibonacci retracement levels.

Nearby Support Areas

Bitcoin cost found insurgency during a $450 area and is now retreating to $420, that is a 38.2% Fibonacci retracement level. A incomparable improvement could final until a 50% turn during $408.30 or a 61.8% Fib closer to a $400 symbol and a relocating averages.

Speaking of relocating averages, a 100 SMA recently done an ceiling crossover from a 200 SMA, indicating that a trail of slightest insurgency is to a upside. This confirms that a uptrend is expected to lift on, substantially holding bitcoin cost behind adult to a latest highs during $450 or beyond.

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RSI is on a pierce down but

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